India Small Commercial Vehicle Market, Forecast and Opportunities 2027

1. FY2017 – FY2027 INDIA SMALL COMMERCIAL VEHICLE MARKET FORECAST AND OPPORTUNITIES Published: December 2021 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Table of Contents Ta b l e o f C o n te n t s S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on India Small Commercial Vehicle Market 5. Voice of Customer 5.1. Factors Influencing Purchase Decision 5.2. Brand Recall 5.3. Brand Satisfaction Level 6. India Small Commercial Vehicle Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 6.2.1. By Vehicle Tonnage (Less Than 1 Ton, 1-2 Ton, 2-3 Ton) By Industry (E-Commerce, FMCG, Pharma, Electronics, Construction, Agricultural, Hospitality, Forestry, Oil & Gas and Others) 6.2.2. 6.2.3. By Propulsion (ICE and Electric) 6.2.5. By Region (North, West, East and South) 6.2.6. By Company (FY2021) 6.3. Market Map (By Vehicle Tonnage, By Industry, By Propulsion and By Region) 2 2 © TechSci Research Automotive

3. Table of Contents S. No. Contents 7. India 2-3 Ton Small Commercial Vehicle Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Industry 7.2.2. By Propulsion 7.3. Market Map (By Industry) 8. India Less Than 1 Ton Small Commercial Vehicle Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Industry 8.2.2. By Propulsion 8.3. Market Map (By Industry) 9. India 1-2 Ton Small Commercial Vehicle Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 3 3 © TechSci Research Automotive

4. Table of Contents S. No. Contents 9.2.1. By Industry 9.2.2. By Propulsion 9.3. Market Map (By Industry) 10. Market Dynamics 10.1. Drivers 10.2. Challenges 11. Market Trends and Developments 12. India Economic Profile 13. Pricing Matrix 14. Competitive Landscape 14.1. Lohia Auto Industries 14.2. Tata Motors Limited 14.3. Ashok Leyland Limited 14.4. Atul Auto Limited 14.5. Piaggio Vehicles Pvt. Ltd. (PVPL) 14.6. Mahindra & Mahindra Ltd 14.7. Bajaj Auto Ltd. 4 4 © TechSci Research Automotive

5. Table of Contents S. No. Contents 14.8. TVS Motor Company 14.9. Isuzu Motors India Private Limited 14.10. Saera Electric Auto Pvt. Ltd (Mayuri) 15. Strategic Recommendations 16. About Us & Disclaimer 5 5 © TechSci Research Automotive

6. PRODUCT OVERVIEW

7. Scope of Report Product of Interest (POI): Small Commercial Vehicle Small commercial vehicles are vehicles that are propelled by either an internal combustion engine (ICE) or electricity and used for the purpose of load carriage. These vehicles can be three-wheelers or four-wheelers and have a vehicle tonnage of up to 3 tons. Market Segmentation VEHICLE TONNAGE INDUSTRY INDIA SMALL COMMERCIAL VEHICLE MARKET INDIA SMALL COMMERCIAL VEHICLE Year Range Less Than 1 Ton • MARKET E-Commerce • 1-2 Ton • FMCG • 2-3 Ton • Pharma Review Period • Electronics • FY2017 – FY2020 PROPULSION Construction • ICE Agricultural • • Base Year Electric Hospitality • • FY2021 Forestry • REGION Oil & Gas • Estimated Year Others • North • FY2022 South • Forecast Period East • West • FY2023 – FY2027 7 7 © TechSci Research Automotive

8. RESEARCH METHODOLOGY

9. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top players in the India small commercial vehicle market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India small commercial vehicle market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 9 9 © TechSci Research Automotive

10. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India small commercial vehicle market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing demand for logistic services from different sectors like e-commerce, FMCG, construction, agricultural, pharma, among others. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India small commercial vehicle market. Methodology Followed for Calculation of Market Size: Market Size By Value and Volume: Market size, in terms of value and volume, for the year FY2021 was calculated based on • information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as small commercial vehicle manufacturer & supplier companies, channel partners, market influencers & end users, industry experts and other industry participants. The team interviewed more than 15 small commercial vehicle manufacturer & supplier companies, 45 channel partners and 10 • industry experts and other value chain stakeholders in India small commercial vehicle market to obtain the overall market size for FY2017-FY2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the historical years data. Respondents were asked about the current and future market growth rates, market shares by vehicle tonnage, by industry, by • propulsion, by company and by each region. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated based on the response from other stakeholders. 10 10 © TechSci Research Automotive

11. Research Methodology Methodology Followed for Calculation of Market Shares: Market shares by vehicle tonnage, by industry, by company and by region were calculated based on the responses received • through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of electric small commercial vehicle market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey • results in SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast • India Small Commercial Vehicle Market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ 11 11 © TechSci Research Automotive

12. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market number. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million. Partial List of Companies Interviewed Key Secondary Sources Lohia Auto Industries Society of Indian Automobile Manufacturers ▪ ▪ Tata Motors Limited World Bank ▪ ▪ Ashok Leyland Limited TechSci Research Proprietary Database & ▪ ▪ Atul Auto Limited Knowledge Repository ▪ Piaggio Vehicles Pvt. Ltd. (PVPL) Company Annual Reports ▪ ▪ Mahindra & Mahindra Ltd Industry Magazines ▪ ▪ Bajaj Auto Ltd. Industry Reports ▪ ▪ TVS Motor Company News Dailies ▪ ▪ Isuzu Motors India Private Limited Credible Paid Databases ▪ ▪ Saera Electric Auto Pvt. Ltd (Mayuri) ▪ 12 12 © TechSci Research Automotive

13. Strategic Recommendation Increasing vehicle production and booming e-commerce industry to drive the demand for India small commercial vehicle market for the forecast period. According to TechSci Research report, “India Small Commercial Vehicle Market - By Region, By Company Forecast & Opportunities, 2027”, India small commercial vehicle market was valued at over USD1909 million in 2021 and is forecast to grow at a CAGR of 15.14% to reach USD4256.93 million by 2027. The E-commerce industry is witnessing colossal growth in the past few years, and the outbreak of COVID-19 has further contributed to the increased sales. Small commercial vehicles are employed for the on-demand delivery and the demand for small commercial vehicles is increasing rapidly to meet high demand from e-commerce businesses to deliver goods on time. The demand for small commercial electric vehicles in India has witnessed significant growth owing to its affordable application in last-mile cargo and logistic needs. For small commercial vehicle operators, low total cost of ownership is considered one of the crucial factors for business growth. In 2021, prices of petrol and diesel in the country had been high, with states like Rajasthan, Tamil Nadu, Telangana, etc., already breaching the USD1.31 per liter mark. According to Mahindra Electric Mobility Limited, one of their small electric commercial vehicles in the cargo segment, Treo Zor, has a certified driving range of 118 km-125 km on a full charge. For the same distance traveled, the charging cost is comparatively cheaper than the fuel cost. As a result, the total cost of ownership of the small electric commercial vehicle decreases dramatically for a longer span of time than its counterpart. India small commercial vehicle market is segmented into vehicle tonnage, industry, propulsion, region, and company. Based on vehicle tonnage, market can be divided into less Than 1 ton, 1 - 2 Ton, and 2 - 3 Ton. The India small commercial vehicle market is majorly propelled by the 2-3 ton segment, accounting for a market share of 47.16%, in volume terms, in FY2021. One of the main factors determining the growth of the segment is its ability to carry heavier loads for longer distances. Moreover, the country is an industrial and agricultural powerhouse, where it is very common for people to carry heavy goods. Small commercial vehicles lying in 2-3 tons such as Tata Intra V30, Tata Yodha 1200, Mahindra Supro Profit Truck Maxi LX, etc., come in handy for such applications. Based on the region, West India holds the major share in the India small commercial vehicle market with a 36.22% market share in terms of volume in FY2021. The region also accounts for the largest small commercial vehicle fleet in the country. West India comprises the most happening and largest cities of India, such as Mumbai, Jaipur, Ahmedabad, Pune, etc. West India leads over the other regions in terms of road infrastructure, industries, ports, etc., and is home to major industrial sectors such as chemical, construction, consumer durables, pharma, etc. Leading players operating in India small commercial vehicle market include: Lohia Auto Industries, Tata Motors Limited, Ashok Leyland Limited, Atul Auto Limited, Piaggio Vehicles Pvt. Ltd. (PVPL), Mahindra & Mahindra Ltd, Bajaj Auto Ltd., TVS Motor Company, Isuzu Motors India Private Limited, Saera Electric Auto Pvt. Ltd “Based on industry, E-commerce accounted for 14.94% market share in terms of volume in FY2021 in India small commercial vehicle market. The e-commerce industry is booming in India owing to the growing internet penetration and large discount offers on online sales. According to World Bank open data, 41% of India’s population uses internet, compared to 20.81% in 2018. The enormous growth in internet penetration in India has transformed the way business is done in the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 13 13 © TechSci Research Automotive

14. Strategic Recommendation India Small Commercial Vehicle Market Size, By Value (USD Million), By Volume (Thousand Units), FY2017-FY2027F CAGR FY2017-FY2021 By Value: xx% By Volume: xx% CAGR FY2022E-FY2027F By Value: xx% By Volume: xx% FY2017 FY2018 FY2019 FY2020 FY2021 FY2022E FY2023F FY2024F FY2025F FY2026F FY2027F Value (USD Million) Volume (Thousand Units) India Small Commercial Vehicle Market Share, By Vehicle Tonnage, By Volume, FY2017-FY2027F FY2017 20.00% FY2018 20.00% 30.00% 50.00% FY2019 20.00% 30.00% 50.00% FY2020 20.00% 30.00% 50.00% FY2021 20.00% 30.00% 50.00% FY2022E FY2023F FY2024F FY2025F FY2026F FY2027F 20.00% 20.00% 20.00% 30.00% 30.00% 30.00% 50.00% 50.00% 50.00% 2-3 Ton Less Than 1 Ton 30.00% 1-2 Ton India 1-2 Ton Small Commercial Vehicle Market Share, By Industry, By Volume, FY2017-FY2027F 20.00% 30.00% 50.00% 20.00% 30.00% 50.00% 20.00% 30.00% 50.00% 50.00% FY2017 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2018 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2019 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2020 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2021 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2022E 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2023F 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2024F 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2025F 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2026F 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FY2027F 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% FMCG E-Commerce Electronics Pharma Construction Oil & Gas Agricultural Hospitality Forestry Others 14 14 © TechSci Research Automotive

15. Strategic Recommendation Report Name: INDIA SMALL COMMERCIAL VEHICLE MARKET FORECAST AND OPPORTUNITIES FY2017 – FY2027 License Type Single User License Price $3500 Multi-User License Custom Research License $4500 $7500 To View Sample OR Purchase Report 15 15 © TechSci Research Automotive

16. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports Global Electric Three-Wheeler Market, By Vehicle Type (Passenger Carrier Vs. Load Carrier), By Fuel Type (Electric, Petrol/CNG and Diesel), By Region (APAC, Africa, South America and Rest of World), Competition Forecast & Opportunities, 2014 – 2024 • Global Electric Three-Wheeler Market, By Vehicle Type (Passenger Carrier & Load Carrier), By Battery Capacity (<101Ah & >101Ah), By Battery Type (Lithium Ion & Lead Acid), By Region (APAC & Africa), Competition Forecast & Opportunities, 2013-2023 • India Electric Commercial Vehicle Market, By Propulsion Type (BEV, HEV, PHEV and FCEV), By Vehicle Type (Bus, Truck, and Pick-up Trucks), By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 500 Miles & Above), By Component (Electric Motor, EV Battery and Hydrogen Fuel Cell), By Geography, Competition, Forecast & Opportunities, 2024 TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com www.techsciresearch.com • TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.